Correlation Between HUMANA and Alpha One
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By analyzing existing cross correlation between HUMANA INC and Alpha One, you can compare the effects of market volatilities on HUMANA and Alpha One and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in HUMANA with a short position of Alpha One. Check out your portfolio center. Please also check ongoing floating volatility patterns of HUMANA and Alpha One.
Diversification Opportunities for HUMANA and Alpha One
Very weak diversification
The 3 months correlation between HUMANA and Alpha is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding HUMANA INC and Alpha One in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alpha One and HUMANA is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on HUMANA INC are associated (or correlated) with Alpha One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alpha One has no effect on the direction of HUMANA i.e., HUMANA and Alpha One go up and down completely randomly.
Pair Corralation between HUMANA and Alpha One
If you would invest 154.00 in Alpha One on November 18, 2024 and sell it today you would earn a total of 0.00 from holding Alpha One or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HUMANA INC vs. Alpha One
Performance |
| Timeline |
| HUMANA INC |
| Alpha One |
HUMANA and Alpha One Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HUMANA and Alpha One
The main advantage of trading using opposite HUMANA and Alpha One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HUMANA position performs unexpectedly, Alpha One can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Alpha One will offset losses from the drop in Alpha One's long position.| HUMANA vs. Park Electrochemical | HUMANA vs. Allied Gaming Entertainment | HUMANA vs. Aldel Financial II | HUMANA vs. Boyd Gaming |
| Alpha One vs. Allient | Alpha One vs. Spyre Therapeutics | Alpha One vs. Cardinal Health | Alpha One vs. Alvotech |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Commodity Directory module to find actively traded commodities issued by global exchanges.
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